Venezuelan Government Converts Pension Payments to Petro Without Consent

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President of Venezuela Nicholas Maduro holding a petro. Source: shutterstock.com

Pusers can still convert their Petros back into bolivars and transfer them to a bank account, but that option isn’t easily accessible on the website.The financial overhaul of the Venezuelan economy is based on a cryptocurrency called Petro, at least for the Maduro-led government.

Caracas Chronicles reported earlier this week that pensioners’ funds were credited into their accounts but instantly withdrawn for conversion into Petro (PTR).

The whole exercise has left the pensioners in a fix as the cryptocurrency is being forced on them without their consent.

The Messages That Shook the Elderly

Venezuelan pensioners receive a government bonus each month, but on December 7, they received two messages that shocked the community.

The first message was a regular credit message that read:

“MOTHERLAND WALLET: CREDIT for an amount of Bs.S. 1,800.00 for the concept of Elderly Love Pensions (Third month Christmas bonus 2018) on 12/07/2018”

However, the second message stated a forced Petro debit. It read:

“MOTHERLAND WALLET: DEBIT for an amount of Bs.S. 1,800.00 for the concept of Savings in Petro on 12/07/2018”

As the economy of Venezuela is not in good shape, pensioners have become increasingly dependent on these government payments.

On a typical day, a pensioner would receive the credit message, go to patrio.org.ve, transfer the money to their bank and then withdraw their money, however, often spending an entire day at the bank.

The same web page now displays an option called “Savings Plan” allowing people to exchange their bolivars for Petros to protect themselves against hyperinflation.

Is It the End of the Venezuelan Banking System?

The Maduro-led government is abandoning the traditional banking system in favor of its newfound love for cryptocurrencies.

In the current dire circumstances, many people depend on the Patria webpage for some financial relief.

Interestingly, even the pensioners who have not signed up to Patria received the same messages which could mean they have Petros waiting for them when they eventually do.

The government may now create a way for people to spend their Petros directly from Patria, possibly by integrating a Petro Wallet into the Patria Wallet.

Patria users could still convert their Petros back into bolivars and transfer them to a bank account, but that option isn’t made easily accessible on the website.

Venezuelan Government Converts Pension Payments to Petro Without Consent was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.